TWAICE, a battery analytics company that improves the visibility and predictability of battery performance and life, helping customers in the mobility and energy industries grow their business models efficiently and sustainably, today announced that it has secured an additional $30 million in Series B funding from global investor Coatue. This funding expansion includes personal investments from Lip-Bu Tan as well as previous investors, and builds on the $26 million Series B funding in May 2021 led by Energize Ventures. The funds will be used to further optimize TWAICE’s cloud analytics platform and expand the presence of various sites in Europe and North America – including the expansion of the new site in Chicago.
The market potential of the battery sectoris estimated at $168 billion by 2030. This growth presents the battery software market with revenue opportunities of $12 billion to $20 billion, according to an analysis by Energize. Current demand for high-performance battery technologies is fueled by the acute need for reliable renewable energy storage and the shift to all-electric vehicles by automakers around the world. The battery is the most expensive component in an electric car, which is why warranty periods and battery condition are of utmost importance to potential buyers and OEMs. TWAICE’s software solves key battery lifecycle challenges by providing insights into battery aging while allowing highly accurate predictions of future battery performance.
TWAICE has increased sales by about 250 percent since May 2021. The company’s growing customer base includes more than five of the world’s leading automakers, as well as several major renewable energy storage developers and operators.
“We are building the world’s most comprehensive predictive battery analytics platform, available to all companies driving the transformation to a cleaner, greener world,” said Stephan Rohr, co-CEO and founder of TWAICE. “Over the past year, we have grown our customer base tremendously in the mobility and energy sectors, established new business lines for bus and commercial fleet operators, and developed a new product offering for residual value certification of electric vehicles. We owe these recent successes to our strong team at TWAICE and the support of all our investors,” adds co-CEO and founder Michael Baumann.
The investment by Coatue, a New York-based investment firm with approximately $60 billion in assets under management, underscores the company’s ambitious positioning as a global leader in battery analysis software.
“TWAICE has built a holistic analytics platform for batteries with a strong customer base in the automotive, fleet and energy industries,” said Jaimin Rangwalla of Coatue. “We are pleased to partner with TWAICE as it solves challenges along the value chain, improving battery profitability while reducing risk for manufacturers and users.”
About TWAICE
TWAICE provides predictive analytics software that optimizes both the development and operation of lithium-ion batteries. The core technology of TWAICE is the digital twin – software that uses artificial intelligence to determine battery condition and predict aging and performance. This makes it possible to make complex battery systems more efficient, sustainable and reliable. As a leading provider of battery analytics software to global mobility and energy companies, TWAICE increases the durability, efficiency and sustainability of products that drive tomorrow’s economy.
